Some people may consider building inspection a tedious step in the process of purchasing a new home. However, investing in one could make the difference between purchasing a dud of a home or investing in a house that you will live in forever. It is also surprising the number of people who will forgo getting a building inspection done in an attempt to skimp on money. The reality is having this inspection done might actually save you the trouble of expensive repairs and renovations down the road. Therefore, it would be prudent for potential buyers to opt to have their own building inspection done rather than simply tasking this responsibility to the seller of the home. The following are some of the benefits of investing in a pre-purchase building inspection.
A building inspection will identify any structural problems
Investing in a property is a huge financial responsibility. Therefore, it is crucial to ensure that you are spending money on a building that is structurally sound. There are several reasons for this. Firstly, structural weaknesses in your potential home will pose the risk of the building collapsing at any given time. Not only does this mean that your investment will have gone down the drain, but it can also result in expensive medical costs due to injuries. It would be in your best interests to know the state of the structure of the property before you put down a deposit for it.
Secondly, one thing homeowners do not consider is that all buildings need to conform to Australia's building codes. In the event that the property that you have purchased does not meet the standards set, any renovations that need to be done to get it up to code would be your sole financial responsibility. Overall, having a pre-purchase inspection conducted can save you both emotional as well as financial grief down the road.
A building inspection enables you to budget for repairs
Another reason that you should opt for a pre-purchase building inspection is that it enables you to financially plan for the repairs and renovations you may need to conduct on the property. Granted, not many people may want to purchase a home with extensive damages, as this would mean embarking on significant renovations. Nevertheless, if you crunch the numbers and find you can afford the repairs, you have the upper hand when it comes to price negotiations, as the seller will be obliged to reduce their asking price.
On the other hand, the damages may not be extensive, but it would still be ideal to know what you are getting into so you can determine exactly what would entail bringing the property up to your standards.